GBP/USD - 4H.
The GBP/USD pair first completed a rebound from the Fibo level of 61.8% (1.3281), then from the corrective level of 50.0% (1.3209) and the upper line of the downward trend corridor, and yesterday, January 8, performed a close under the correction line. Thus, these rebounds and closures allowed us to perform a new reversal in favor of the US currency and resume the process of falling towards the corrective level of 0.0% (1.2904). Closing the quotes above the upper line of the downward corridor will cancel all sell signals. Today, the divergence is not observed in any indicator. Fixing the rate of the pound-dollar pair under the Fibo level of 23.6% (1.3048) further increases the chances of a further fall in the direction of the last corrective level on the current Fibo grid of 0.0% (1.2904).
Forecast and trading recommendations for GBP/USD:
The current trading idea is to sell the pound with a target of 1.2900, as many as three sales signals have been received. I recommend moving the Stop Loss levels outside the trend range or placing them behind the nearest corrective levels.
